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In India, Tycoons Fuel Economic Growth at a Price

By JIM YARDLEY and VIKAS BAJAJ

MUNDRA, India — India is increasingly turning to the private sector to deliver the electricity needed to maintain rapid economic growth into the future. The country’s economy is growing at more than 8 percent annually, but is badly constrained by an inadequate power supply after years in which the government dominated the power sector and failed to keep up with demand.

The private sector is also playing a greater role in other areas once controlled by the state like telecommunications, ports, airports, banks and infrastructure.

This contrasts sharply with China, where huge state-owned enterprises dominate strategic industries and lead the country’s global expansion.

Within India, though, the success of private tycoons has created a paradox:

India’s moguls are essential to the country’s success. Yet their staggering wealth is made possible in part by their coziness with powerful politicians who help arrange environmental clearances and land use rights, and solve other difficult issues, leading to accusations of cronyism.

India’s billionaires control a considerably larger share of the national wealth than do the superrich in bigger economies like those of Germany, Britain and Japan. And India has 55 billionaires whose aggregate wealth of $250 billion is equivalent to almost a sixth of the nation’s annual economic output.

“There is an oligarchy developing that has an enormous amount of influence,” said Arvind Subramanian, an economic adviser to the government. “That is a matter of great concern. But in India, these are also the guys who are performing.”

Gautam Adani is India’s sixthrichest person, with a fortune valued at $10 billion. In 2009, his plan to build a power plant and coal mine in Maharashtra state was opposed by environmentalists, because the proposed mine site was in a forest near a reserve for endangered tigers.

India’s Ministry of Environment and Forests blocked the project.

The dispute underscored how often important national priorities — environmentalism versus expanding electricity — collide. India has the fifth-largest coal reserves in the world and depends on coalfired power stations for electricity, yet much of India’s coal lies beneath forests in areas populated by tribal groups. Rare is the project without protests, controversy or violence.

 

In Debt-Ridden Italy,

Challenges to Prosperity

By LIZ ALDERMAN

PISA, Italy — Six years ago, the Swedish retail giant Ikea planned a 60-million-euro megastore just a few kilometers from where the Tower of Pisa leans into the earth.

Backers said the huge construction project, new roads and wave of shoppers would bring hundreds of sorely needed jobs to this bucolic corner of Tuscany.

But things got tangled — as they often do in Italy, where bureaucracy and politics can easily overwhelm economics.

Each application that Ikea filed seemed to require yet another. Each mandatory impact study begat the next. By May, when a local mayor had still not decided whether the company could get a building permit, Ikea put out word it would abandon the plan.

As Italy teeters on the edge of the European debt crisis, it can ill afford more debacles like that one. Otherwise, despite having the world’s seventh-largest economy, Italy may have little hope of outgrowing the staggering debt load that could threaten its financial future — and that of the euro monetary union.

As higher interest rates make it even harder for Italy to reduce its debt, the main recourse would seem to be faster growth.

“This is the only major issue for Italy now — to resume growth,” said Francesco Giavazzi, an economics professor at Bocconi University and a research fellow at the Center for Economic Policy Research in London.

Italy must not only encourage big corporate investments like the Ikea project, experts say, but it must also remove impediments that stifle growth in the thousands of small and medium-size companies in its economy.

One small-business man, Mauro Pelatti, says he has given up on expanding his business in Florence, an hour east of here. “Bureaucracy is so strong, and taxes are so high, that it’s virtually impossible,” said Mr. Pelatti, whose privately held company, Omap, makes parts for steel-stamping machines used on products like Vespa scooters.

Italy’s economy experienced paltry growth starting in the late 1990s, when the country’s manufacturing was overtaken by competitors in Asia. Then came the global financial crisis in 2007, which shrank Italy’s economy by more than 6 percent.

 

American policy makers might learn a thing or two from Canada’s patient, hysteria-free pruning.

 

A Way to Overcome Debt: Pruning for Economic Growth

Judicious Spending Cuts May Help Foster New Growth

By CATHERINE RAMPELL

A

It’s called economic growth. No need to raise taxes. Just get the economy growing the way it used to. Good luck with that.

Growth is in short supply these days.

“The basic issue is that the u.s. is on an unsustainable fiscal track,” says Dean Maki, the chief united states economist at Barclays Capital.

“From that point, none of the choices are fun.”

The most obvious choices, Mr. Maki says, are a painful reduction in spending, unpalatable tax increases, higher inflation or default.

None of that would be necessary if we could indeed restore economic growth.

Citizens would become richer and pay more taxes.

Et voilà! — a painless paying down of debt.

Before its economy crashed, Ireland was a star of this sort of debt reduction. In the 1980s, Ireland’s debt dwarfed its economy. Over the next two decades, though, that debt shrank to about a quarter of gross domestic product, largely because the economy was very strong.

“Ireland went from being, you know, the emerging market in a European context, to a very dynamic economy,” says Carmen Reinhart, a senior fellow at the Peterson Institute for International Economics and co-author of “This Time Is Different,” a history of debt crises.

But if spending must be reduced, it should be done with future growth in mind. The paragon of thoughtful, growth-minded fiscal consolidation is Canada, according to Paolo Mauro, a division chief at the International Monetary Fund and editor of “Chipping Away at Public Debt.”

Canada in 1994 undertook a comprehensive, McKinsey-style review of all of its federal spending to determine “where they were getting value for their money, rather than just doing across-the-board cuts,” Mr. Mauro says. Policy makers subsequently pared down Canada’s debt level from one of the highest in the Group of Seven to the lowest. Since Canada cut federal fat judiciously, it reduced its debt without much harm to growth.HAPPy soLu-TIoN To the debt troubles plaguing so many nations today does exist — in theory.

 

Leaders move to reassure that US downgrade will not impact economies

NEW YORK

Australia Prime Minister Julia Gillard said yesterday that the Australian economy has “strong fundamentals” and could look forward to “strong economic growth”, reported the

France’s Finance Minister Francois Baroin said his country has complete faith in the US economy, even as the Group of Seven’s (G7) finance ministers and central bankers convene this weekend to discuss the global financial turmoil.

S& P’s downgrade to AAPlus on Friday drew an immediate lash-out from the US government, with a Treasury Department spokesman saying the firm’s analysis contained a US$2 trillion (S$2.4 trillion) error.

This was disputed by S& P, which said the change in calculation did not affect its decision to lower the credit rating.

“The primary focus remained on the current level of debt, the trajectory of debt as a share of the economy, and the lack of apparent willingness of elected officials as a group to deal with the US medium term fiscal outlook,” the firm said.

“None of these key factors was meaningfully affected by the assumption revisions to the assumed growth of discretionary outlays and thus had no impact on the rating decision.”

The S& P cut is likely to eventually raise borrowing costs for the American government, companies and consumers.

By calling the outlook “negative”, S& P also signalled that another downgrade is possible in the next 12 to 18 months.

A senior European diplomat said yesterday the G7 will confer by telephone, noting the need for international coordination.

Elsewhere, a senior Bank of Korea official said he saw no major short-term impact from the downgrade. The Finance Ministry said the downgrade will be on the agenda of an emergency meeting today of ministry officials, central bankers and regulators on the global financial turmoil.

In India, the Prime Minister’s Chief Economic Adviser said the country’s economic growth would not be affected— World leaders moved to play down the impact of the United States losing its top-tier AAA rating from Standard and Poor’s (S& P), saying the move — which had been expected for some time — will not affect their economic growth.Sydney Morning Herald.

“I don’t think India will be much affected beyond the temporary market jitters and we should still grow at 8.2 per cent (this fiscal year),” said Mr C Rangarajan, chairman of the Prime Minister’s Economic Advisory Council.

However, the US “has to show that they have a credible plan of fiscal consolidation and clearly the recent deal is not enough”, he added.

A Japanese government official said on condition of anonymity that it saw no problem in the level of trust in US Treasuries.

China blasts US over debt problems, calls for dollar oversight by the cut, although the Finance Minister called the situation “grave”.AGENCIES

 

China blasts US over debt problems, calls for dollar oversight

China roundly condemned the United States for its “debt addiction” and “shortsighted” political wrangling and said the world needed a new stable global reserve currency.

In a harsh commentary by the official

The “good old days” where the US government could “borrow its way out of messes of its own making are finally gone”, and further credit downgrades would very likely undermine the world economic recovery and trigger fresh rounds of financial turmoil,

British Business Minister Vince Cable on

Asian investors are likely to retain their US Treasuries holdings for now, with options limited by the region’s foreign-exchange rate policies.

“At least Treasuries have been doing well and they aren’t holding on to distressed assets,” said Mr Sean Callow, a senior currency strategist at Westpac Banking in Sydney.

Singapore-based chief economist at OSK-DMG Thomas Lam said the downgrade could “potentially quicken the likelihood of more diversification out of the US-dollar assets”, but given Asia’s currency interventions, portfolio investments by central banks will continue to head to Treasuries.

Xinhua news agency yesterday, China urged the US to cut military and social welfare expenditure.Xinhua wrote.BBC TV backed China’s call for a new stable global reserve currency, but said that for the moment the US dollar remained key.AGENCIES

 

THE ENERGY STOCKS I BOUGHT THURSDAY/FRIDAY - AND WHY

So what do we retail investors do now?

Gut wrenching volatility in the markets due to gut-less politicians has left investors dazed – do we still buy the dips or this 2008 all over again?

I was a buyer on Thursday and Friday of my favourite oil producers and energy services companies.  I see this steep market downturn as a crescendo of fear that had been building up in the markets over politics mostly – NOT as any kind of actual drastic economic downturn. 

Now, I didn't waste all my bullets as I may be able to buy them lower in the next month, i.e. there could be a reset of valuations (Lord, please let there be a reset so we can get on with making money again!) but the many investors with lots of cash around would welcome that.

And the reality is that in my specialized sector, junior oil and gas valuations were already hit so hard in June that many of the stocks that I follow barely moved, telling me the reset in this sector is almost complete.

I'll tell you more about these purchases in a minute.

But first, I see that the economic numbers – especially when you look globally – are not that bad.

Credit Suisse reports that global emerging markets  now account for 49% of global GDP – and with estimated trend growth of 9%, 7.5% and 4% in China, India and Brazil, those three economies alone would add 1.8 percentage points to global GDP if they grow at trend.
 
You don't read stuff like that in our financial pages.  Our financial media is very biased towards shrill negative US and European bad news.  (And most news reporters have never spent any time in business, doing real business – never forget that as you read the media.  They are unionized staff who have not been trained to think like entrepreneurs so they don't see solutions, only problems.  My degree is journalism -).)
 
US GDP is still positive, and most forecasters are now just calling for reduced growth, not recession.  Of course, there could be another recession in the US, though I think investors will do better than workers as this will guarantee North American interest rates stay at zero for another 18 months.  The market loves cheap money as much or more than a strong economy, and this will fuel stock market participation.
 
I think it will also help fuel corporate growth, and here's why – now corporate debt is more attractive than sovereign debt.  So cheap corporate debt – already very cheap with 10 year + notes going out at 3% - will continue to allow whatever low cost growth consumer spending will support.
 
This mini-crash was mostly due to investors' uncertainty that political leadership and un-elected autocrats could contain the European debt problem. 
(Being a politician isn't easy as you are elected on your integrity (or your party leader's integrity) but your job is to be a professional compromiser.  Whether it's getting a business deal done or passing laws, you have to compromise with the other side to get a win-win.  But the people who elected you don't see you that way.  When was the last time you saw an election sign saying " I'll compromise for you!" ).

I find it funny that the common man has reduced his credit and increased his savings over the last three years (especially in the US), but big banks have continued to lend weak states like Greece et al hundreds of millions or billions of dollars.  They remain vulnerable to collapse and as a result will likely have to reduce lending to their customers even more. 

A perfect example of this is The Royal Bank of Scotland (RBS), whose collapse in 2008 sent junior market darling but heavily indebted Oilexco (a $20 stock at the time) into bankruptcy.  Greece owes RBS just under US$1 billion.

This reduced bank lending in the coming year will reduce consumer spending, but it won't kill it.  I believe a good chunk of that is now priced into the market (worst case we're at 9x PE for the S& P 500, now is 11.7x).

To me, worst case is that austerity measures in the western world remain a drag on overall equities for several years - but emerging markets continue to be strong, which will keep the oil price at a level that will reward growth in both producers energy services companies.

The market just wants clarity.  Short term, it doesn't even care if it's the perfect solution.  It knows everybody has to take a haircut on this debt, so just tell us the number for each party and let's get back to business.  The global economic backdrop is strong enough that I believe these political crises that spill into the stock market are buying opportunities - though I confess I'm a lot more selective than I was six months ago.

I see two possibilities out of this week's drama, and both are positive for investors who bought stock the last two days.  One is that the European debt problem here is so big and so immediate and so PUBLIC that some kind of concrete, credible action will be taken to resolve the issue.  That would create a positive shift in market sentiment, even if it meant significant short term economic pain.

But some kind of action must be taken now, and even if it's NOT completely credible, I see that action (Italian PM Berlusconi's promise of a balanced budget and tackling welfare and labour reform would count as this) being rewarded by the market.

This would mean the index charts will look like a bouncing ball from these levels, and you use these instances to buy stock in your favourite companies.

So let's talk about my favourite companies – what did I buy this week?

I bought two types of stocks.  One was energy services – these are the companies that do the drilling, the fracking, supply most of the hardware that producers need.  The global shift to shale oil and gas production and horizontal drilling is still in its infancy.  In North America it's really only become mainstream in the last 5-7 years. 

And the energy services sector is still catching up to producers' demand for their products and services. Calfrac (CFW-TSX) is one of Canada's largest fracking companies, (but was NOT a company I bought or own), and they announced their Q2 numbers this week and they beat The Street's consensus cash flow by 74%!  Canadian brokerage firm Raymond James says Calfrac is growing its capacity 48% this year – the demand is so strong for fracking by the energy producers. Their main growth was in the US, in the face of a very weak US economy.  That's very bullish for the sector. Service companies also have pricing power – sometimes by as much as 5% per quarter Raymond James said in a report earlier this year.

The technology innovation that is coming out of the energy services sector -- steadily -- is astounding.  There are companies that have technologies or tools that can get more oil and gas out of the ground or reduce time and costs, which increase profits and stock prices for producers.

These companies have huge sales backlogs now, and strong pricing power.  Even if oil goes to $50/barrel (which it's not, it's going higher folks), the demand for these innovative services would not decrease. 

The second type of stock I bought has yield.  Both producers and service companies pay dividends, and with all this negative economic chatter, I believe interest rates will stay near zero for another two years, insulating yield stocks.  Many dividend stocks dropped 10%-20% in intraday swings, and I was able to scoop up a juicy 10% yield! I missed another because I couldn't end my phone call at the time!  Even big companies like Pembina Pipelines (PPL-TSX) had a 20% swing Friday.

The market may not have bottomed yet. Interbank lending rates are spiking (the TED spread) and PE levels for the S& P 500 are still, at 11.7x, above what they are at market bottoms (8-9x).  Political indecision in Europe and the US could endure.

But this is not 2008.  And there are great companies growing quickly with HIGH profit margins that went on sale this week which I believe I will profit from handsomely in the coming quarters.
 
P.S.   In my newest video, I explain why the Global Shale Revolution has the new energy services sector booming… and why energy services stocks aren't actually dependent on the price of oil or gas to deliver huge profits for investors (unlike most oil & gas stocks). Click here to watch.  
http://www.youtube.com/watch?v=PDXhGV3g2kE

-Keith

 

-- Japan intervenes in foreign exchange market to push down yen

-- Finance minister says action was needed to stop " one-sided" moves in market

-- Dealers estimate amount at Y500 billion in the morning session

---

JAPAN  JQE  will spend  10 Trillion Yen  in 2011

---

WHY  wAstE  S$34 million  [peAnUts  to JAPAN  ? ? ? ?] in JAPAN  and  nOt  spend on the  pOOr  sIngApOreAns  ? ? ? ?

pharoah88      ( Date: 05-Aug-2011 14:03) Posted: S’poreans give S$34m for Japan WAY NE CHAN waynechan@mediacorp.com.sg SINGAPORE The Singapore Red Cross (SRC), which has been appointed by the Ministry of Foreign Affairs as the lead agency to coordinate the Republic’s relief efforts to Japan, has so far received about S$34.5 million in donations from the public, including S$500,000 from the Singapore Government. The SRC said this is the second largest amount it had collected for relief efforts and the largest for a single country. The largest amount it has collected for disaster relief was S$84 million for the victims of the Asian tsunami in 2004.— A multi-purpose hallcum-evacuation centre. A temporary hospital. These are among recovery projects worth about S$34.4 million that will be launched by Singapore to help survivors of the earthquake and tsunami disasters in Japan’s Tohoku region.

 

 

2nd UPDATE: Japan Launches Intervention to Push Down Yen

BOJ Steps Awaited

-- Japan intervenes in foreign exchange market to push down yen

-- Finance minister says action was needed to stop " one-sided" moves in market

-- Dealers estimate amount at Y500 billion

-- Dollar rises to above Y79.00

-- BOJ to cut short policy board meeting further easing measures expected

(Adds finance minister's quotes, analysts' reaction, updated foreign exchange levels in the 2nd-6th, 13th-14th paragraphs.)

By Takashi Mochizuki, Takashi Nakamichi and Andrew Monahan

Of DOW JONES NEWSWIRES

TOKYO (Dow Jones)--Japan's government Thursday launched a foreign exchange intervention campaign to push down the yen, sending the currency lower but leaving traders uncertain about the longer-term impact.

The government plunged into the market at 0100 GMT via the Bank of Japan, causing the yen to spike lower against other key currencies. The dollar quickly jumping to Y78.20 from Y77.13 and the euro rose to Y111.80 from Y110.72.

To underscore its conviction, the government continued selling yen through the morning, pushing the dollar to Y79.15. At 0407 GMT the dollar was at Y78.95.

Finance Minister Yoshihiko Noda said at a hastily called news conference the measure was meant to stop speculative, excessive yen moves.

" If this movement continued, it would have adverse effects on the stability of Japan's economy and financial conditions at a time when Japan is making various efforts to recover from the (March 11) disaster," Noda said.

Some market watchers predicted a long campaign. " What we've seen is a skirmish, in what could become a war of attrition," said Robert Rennie, chief currency strategist at Westpac Banking Corp. in Sydney.

Despite recent talk of global cooperation, Noda said Japan acted alone.

Dealers said the buying appeared to total around Y500 billion in the morning session.

Soon after Noda spoke, the Bank of Japan announced it was cutting short its two-day policy board meeting scheduled to conclude Friday, and would make an announcement later in the day.

The BOJ is expected to announce additional easing measures [JQE] , including an increase in its Y10 trillion asset purchase program.

Some think the central bank could add another Y5 trillion or Y10 trillion to the fund, which buys a wide range of assets in the open market.

The yen's recent strength has clouded the outlook for Japan's export-driven economy as it recovers from the March 11 earthquake and tsunami, drawing increasing complaints from big Japanese exporters.

But many traders questioned whether the intervention will turn the tide and push the dollar comfortably back above Y80, the level widely seen as the pain threshold for manufacturers.

" As long as concerns for downside risks in the U.S. economy and expectations for further Fed easing measures persist, it is hard to expect the dollar/yen pair to return to high enough levels to alleviate the negative pressure on exporters' earnings," said Junko Nishioka, chief economist at the Royal Bank of Scotland, in a report.

Japan last intervened just over four months ago after the dollar dropped to a post-World War II low of Y76.25 on March 17. The March 11 disaster put upward pressure on the yen by leading to speculation Japanese firms operating overseas would repatriate funds to meet reconstruction and other costs.

In March, the finance ministry sold Y692.5 billion, following a rare declaration of joint intervention by the Group of Seven economic powers.

The dollar rose as high as Y85.53 in early April, but has ceded ground since as concerns mounted over the U.S. economy and debt.

Despite Japan's own woes and massive indebtedness, the yen has emerged as a safe haven for investors increasingly worried about the U.S.

-By Takashi Mochizuki, Takashi Nakamichi, Andrew Monahan Dow Jones Newswires +81-3-6269-2782 takashi.mochizuki@dowjones.com

-Leslie Shaffer and Martin Vaughan contributed to this story

 

S’poreans give S$34m for Japan

WAY NE CHAN

waynechan@mediacorp.com.sg

SINGAPORE

The Singapore Red Cross (SRC), which has been appointed by the Ministry of Foreign Affairs as the lead agency to coordinate the Republic’s relief efforts to Japan, has so far received about S$34.5 million in donations from the public, including S$500,000 from the Singapore Government.

The SRC said this is the second largest amount it had collected for relief efforts and the largest for a single country.

The largest amount it has collected for disaster relief was S$84 million for the victims of the Asian tsunami in 2004.— A multi-purpose hallcum-evacuation centre. A temporary hospital. These are among recovery projects worth about S$34.4 million that will be launched by Singapore to help survivors of the earthquake and tsunami disasters in Japan’s Tohoku region.

 

To rein in white horses ...

David Boey Meng-Whye

When a general leading the Army has the same surname, and Boey is not very common, you can guess my full-time National Service (NS) was dotted with questions about my family background.

David Boey was formerly The Straits Times defence correspondent. The full version of this article is at http://kementah.blogspot.com.

Moreover, my father’s name has a “Tak”, like the then Deputy Chief of General Staff (Army). If I got a dollar every time I was asked if Brigadier-General Boey Tak Hap was a relative, I’d have left NS with a chunk of change.

The chatter now is about presidential hopeful Tony Tan and his son’s NS stint, rekindling the issue of white horses in the Singapore Armed Forces (SAF), always explosive in a city-state where NS is compulsory and the experience not always positive.

White horse debates damage the NS system and commitment to defence when netizens allege abuses of power involving a son of some — invariably anonymous — rich man, minister, MP. In most cases, these Internet discussants choose to also remain nameless. There is no way for officialdom to verify or debunk hearsay. Allegations are left hanging, urban myths are born.

For sure, our NS system is not fault-free.

From personal experience, the reality of group dynamics in the Ministry of Defence/SAF is that people want to know who sits on the upper branches of one’s family tree, so they can polish the right apples. We should never desensitise ourselves to such theatrics nor condone it.

Yet, a family of heartlanders have done very well in the SAF today. It speaks of their ability that three boys who grew up in a HDB flat rose to the top of their respective services — command appointments even the Lee brothers did not attain.

This is no fluke.

A Singaporean child has better prospects at raising his/her status provided he/she has the commitment and ability to chase his/her dream. Many from humble backgrounds have done so.

So while Internet chatter on white horses are sobering to read, the real-world situation is hardly dire. Everyone is entitled to complain about life’s woes. If venting helps create a better society by rooting out individuals who push their way around or buy favours — odds are they do exist — then fire away.

But what we see mostly are anonymous allegations that achieve nothing but chip away at fault lines in society and cause collateral damage to a system which, despite shortcomings, has kept Singapore safe.

MINDEF/SAF will face the white horse issue time and again, and no PR trick can hedge against people who rail against the system.

Let every cynical comment be a reminder that NSFs must never be taken for granted.

The best defence is a transparent system which can explain to, if not convince, heartlanders that NS is fair and equitable to all, regardless of family background.

 

 

This article first appeared in HWM Jul 2011.

Perfect, Easy and Somewhat Incomplete.

With so much of our lives living on our computers, backing up regularly should be as essential a task as eating. After all, every hard drive will eventually fail at some time. Imagine having your mission critical work files wiped, a lifetime's worth of photographs erased, and your collection of favorite songs disappear – all because your hard drive died and you didn't back up your files.

Yet, most people don't do backups one reason is because it's a tedious process. Getting an external hard disk to back up to is easy enough, but without software to help you do it automatically, you have to remember to copy and paste your files on a regular basis, not to mention keep track of which files have been changed since your last update. And even when you do get software to help you out, configuring backup rules can be an exercise in confusion.

The Clickfree Wireless Backup Drive promises to solve your backup problems. It's an external hard disk, available in both 500GB and 1TB versions, that comes with backup software so it can backup your data automatically. The key feature is that it connects wirelessly, which means you can leave it plugged to a power source, unplugged from your PC, and it'll still backup your data over the air as long as they're both on the same network. Not only that, it can wirelessly backup multiple PCs, as long as it's been plugged into each machine prior.

The Clickfree comes in the shape of a little black box with rounded corners. It's simple but attractive enough the upper panel has a clear finish and adds a dash of sophistication. It would be completely unobtrusive but for the fact that the bottom panel emits a glow orange for when it isn't connected and blue for when it is.

When you first plug it in, the drive will install its backup software into your PC and start the initial backup of your data. Backup is incremental by design, after the initial seeding, it will only backup new files or files that have been changed. That means files which have been previously backed up, then deleted on the PC, remain on the Clickfree during subsequent backups so you can restore accidentally deleted files.

On the flipside, the Clickfree doesn't support versioning so backups aren't redundant. This means that if you edit a document, on the next backup, Clickfree will overwrite the previous version of your document with the latest one, and you won't be able to restore earlier versions of your document.

The Clickfree also doesn't let you select which files to backup and which not to. You can check which files have been backed-up through the software's browser, but you won't be able to change anything. The good thing about that is that the Clickfree makes backup easy you won't have to fuss and figure out anything. The bad thing is that you risk losing completeness for the sake of simplicity, as you have to work within Clickfree's backup rules rather than have it work for you.

The Clickfree's hardware and software implementation is flawless and easy, but it offers a very basic insurance plan. It makes backup automatic and painless, but sacrifices completeness for simplicity. We'd recommend it for basic users, but not users who need more customizable features, as having a simple backup done regularly is better than having none at all.

 

What is in a wOrd?

Letter from Daniel Chan Wai Piew

I REFER to the incident where Nanyang Technological University graduate Trinetta Chong spurted an expletive on an otherwise grand occasion. An NTU spokesman later said it was “an isolated incident”.

It may be so for NTU, but I bet it was not the first time Ms Chong used such an expletive.

Looking at the student population as a whole, this is an alarming, real issue and a wake-up call for our educators.

Years ago, expletives, mostly in dialect, were hurled as abusive remarks or muttered casually, probably without the user knowing the meaning.

In any case, they were used by uncouth or uneducated people in search of better words to express themselves.

Today, we find students of all ages using expletives shamelessly — in all languages and in all places, including trains, buses, shopping malls and, yes, schools and universities.

What is in a word?

Nothing, as it simply highlights the speaker’s emotion. Plenty, as it conjures images and actions and reflects the upbringing of the speaker. Indeed, how many graduates get the opportunity to go on stage to be a valedictorian?

We have situational writing in school.

It is time we teach situational talking, too.

 

After a fare hike, an inclusive society?

Letter from Adrian Tan

THERE has been much debate on whether there should be a public transport fare hike.

Whatever the reason behind the proposed hike and the benefits it may bring, I wonder how long it will take and how much we have to pay for a transport system that supports Singapore to become an inclusive society.

Being a wheelchair-bound person, taking trains and buses is an infrequent activity for me, as they are always crowded.

Recently, I tried to board the train at Jurong East Interchange at about 5pm. I had to wait for three trains and try hard to squeeze into a carriage. I need not elaborate as commuters know how challenging it is to board trains at such hours.

The taxi seems to be the only mode of transport for people with physical disabilities, especially during peak hours. However, the cost is high.

The National Council of Social Service has subsidy schemes but these only support trips to work or school. That is, people with disabilities have to bear the full cost of travelling for events such as social gatherings.

How often can a person afford to travel when the transport cost is almost S$50 each day?

This is a deterrent in leading a normal life.

We should understand that people with physical disabilities are not robots. They should be travelling not just for work.

According to Maslow’s hierarchy of needs, social need is one of the basic needs of every human. This is recognised in countries such as Australia, which explains why its subsidy scheme includes travelling for non-work related purposes.

I understand that Singapore aims to be an inclusive society. However, this will never be attained if the Government lacks the necessary policy to support the goal.

I hope the relevant agency will look into this and bring us closer to becoming an inclusive society.

---

whOle  wOrld  knOws  that  AUSTRALIA  is  a  cArIng  sOcIety.

wIth  All  these  fEEdbAck ? ? ? ?

whO  is  tAkIng  them  serIOUsly  ? ? ? ?

whO  is  ActIng  On  them  mOrAlly  ? ? ? ?

 

Patriotism: It’s more than a flag

Letter from Danny G Tan

I REFER to the letter “Let’s fly the Singapore flag” (Aug 3), in which the writer appears to link a Singaporean’s patriotism with whether or not he displays the National Flag at home.

Patriotism is a complex issue linking the display of a flag to one’s patriotism is simplistic, to say the least.

I am a true-blue, born-and-bred Singaporean who is proud to live and work here.

However, I choose not to display our flag for personal reasons too complicated to share.

But rest assured that my family, like many others who do not display our flag, still has the interests of our nation at heart as

we celebrate our 46th year of independence.

Happy Birthday!

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pOlitician  speaking  ? ? ? ?

 

Changi Airport enhances airfield security with fibre-optic sensors

SINGAPORE

More cameras will also be installed at airport boundaries, which will be integrated with the new multi-million-dollar defence system called AgilFence, made by Singapore Technologies (ST) Electronics.

Said Changi Airport Group’s executive vice-president (airport management) Foo Sek Min:

“No system is full-proof and perfect.”

####  2011 is the year  every IncUmbent clAims  everythIng and every perfOrmAnce  cAnnOt be  prOmIsed  ? ? ??

####  Then,  they All  shOuld step dOwn and let the cApAble tAke Over  ? ? ? ?

####  All  eXcUsers  mUst  be  sAcked  ? ? ? ?

####  eXcUsers  dO  nOt  deserve  hIgh  sAlAries  ? ? ? ?

“And as we review our existing perimeter protection, the introduction of this perimeter intrusion detection system will help us to have a better and faster response if there are any signs of intrusion.”

The pressure-sensitive sensors are protected by an armoured casing to prevent tampering and for easy maintenance.

ST Electronics said the system is expected to last a decade, adding that it is immune to electromagnetic and radio frequency interferences, making it effective for deployment in an airfield.

The system is expected to be fully operational by end-2012.

— Changi Airport will be the world’s first airport to reinforce its perimeter fences with fibre-optic sensors to detect intruders.Dylan Loh

 

Presidential hopefuls call for dignified campaign

 

If  thE chOIce

Is  nOt  a  chOIce

thAt  Is  nO  chOIce

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O V E R H E A R D :

peOple  wAnt

geOrge  yEO

hE  Is  thE  bEst chOIce

 

PE: Presidential hopefuls call for dignified campaign